UBRG Management admit that their deals fell through. So, there's no reason to doubt their word.
UBRG are not trying to hide the facts. Read the 10K at page 37.
1.$36 Million Funding Agreement with Amerisource
On November 29, 2010 NDR Energy signed an agreement with Amerisource Funding of Houston, Texas for Amerisource to provide it with an aggregate $36 million dollar annual revolving funding line, for its future growth and expansion. The agreement was intended to provide us and NDR Energy with accounts receivable financing for an indefinite term. However, according to Amerisource’s management, their company lacks the expertise of financing accounts receivables in the natural gas industry, and has therefore decided not to venture into this market.
Although UBRG considers that "this matter is ongoing" it's unlikely that Amerisource share that view. The Amerisource view is that factoring of receivables is not practicable for a company with margins less than 3%.
2. Letter of Interest / Term Sheet with Wells Fargo Capital Finance for $300 Million
Despite paying a good faith deposit of $7500 UBRG failed to complete the Wells Fargo credit approval and due diligence processes.
UBRG state: "the proposal was terminated..."
3. ICapital Finance Inc. On June 21, 2010, the Company signed an agreement to retain the services of iCapital Finance Inc., for a wide range of financial advisory services, including; Mergers & Acquisitions, equity and debt financing, strategic advice, and financial consulting.
UBRG state: "This Agreement has been terminated."
4. Norcor Technologies Corporation
On July 28, 2010, UBRG executed a Letter of Intent (“LOI”) with Norcor Technologies Corporation (“Norcor”), of Charlotte, North Carolina, to acquire a major stake in Norcor.
UBRG state: "This transaction has been terminated."
5. Roblex Aviation
On October 25, 2010 the Company signed a definitive agreement for the acquisition of Roblex Aviation Inc., for a purchase price of $10.4 million.
UBRG state: "we terminated the Agreement on December 14, 2010."
6. WBH Capital Inc.
On November 8, 2010, UBRG signed a Letter of Intent with WBH Capital Inc., based in Claremont, California, to raise $200m and form a new joint venture for strategic business acquisitions and development of alternative energy projects.
UBRG state: "This transaction has been terminated."
And that's just in 2010.
I hope that's enough to answer your question.
